Insurers seek 25 percent increase in NC homeowner policies
Posted January 3, 2014
Updated January 7, 2014
Raleigh, N.C. — Insurers have asked the North Carolina Department of Insurance for an average 25.3 percent increase to homeowners insurance policies in the state.
The North Carolina Rate Bureau, the independent agency that represents insurers, filed paperwork with the DOI on Friday, seeking changes to premiums for homeowner policies ranging from a 2.7 percent decrease to a 35 percent increase, varying by territory, officials said. The insurers also requested revisions to the current geographic rating territories.
The proposed changes would take effect in August.
DOI officials plan to review the requests to determine what, if any, rate adjustments are warranted.
If the agency and the Rate Bureau cannot come to an agreement, a public hearing will be held for both sides to present their cases.
Insurance Commissioner Wayne Goodwin said he is "appalled" that insurers are requesting an increase only six months after higher rates went into effect in July.
"I believe the insurance companies should withdraw this rate filing immediately," Goodwin said in a statement. "If they do not, the insurance companies should expect a full hearing on this matter. I will not entertain any settlement negotiations. I urge North Carolina homeowners to take advantage of the public comment period and let their insurance companies know what they think about the notion of another homeowners insurance rate increase."
Anyone who wants to weigh in on the rate requests can appear at a public comment session from 9:30 a.m. to 4 p.m. Jan. 24 at the Jim Long Hearing Room of the Dobbs Building, 430 N. Salisbury St. in Raleigh.
Written public comments will be accepted through Jan. 31, and they can be mailed to: NCDOI, Attn: Bob Mack, Property & Casualty Division, 1201 Mail Service Center, Raleigh, NC 27699-1201 or emailed to email@example.com.